Mandatory Accounting Standards (Ind AS)-2

|705| Chap. 28 – Ind AS 108 — Operating Segments The Power segment is engaged in generation, transmission and distribution of electrical power at various locations. The Company operates a 500 MW Thermal Power Station at Dahanu, a 220 MW Combined Cycle Power Plant at Samalkot, a 48 MW Combined Cycle Power Plant at Mormugao, a 9.39 MW Wind-farm at Chitradurga and also purchases power from third parties and supplies the power through the Company’s own distribution grid in suburbs of Mumbai. EPC and Contracts segment of the Company renders comprehensive value added services in construction, erection, commissioning and contracting. (b) Summary of Segment information is as under The expenses and income that are not directly attributable to any business segment are shown as unallocable income (net of unallocable expenses). Interest income and finance cost are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Company. (` in Crore) Year ended March 31, 2017 Year ended March 31,2016 Particulars Power EPC & Contracts Total Power EPC & Contracts Total Revenue External Sales 7,929.24 1,598.20 9,527.44 7,555.52 2,644.93 10,200.45 Inter-segment Sales - - - - - - Total Revenue 7,929.24 1,598.20 9,527.44 7,555.52 2,644.93 10,200.45 Result Segment Result 1,934.59 251.44 2,186.03 1,200.61 852.56 2,053.17 Unallocated Income net of Unallocable Expenses (113.90) (441.14) Exceptional Item –Unallocable Segment- (Refer Note No 22) (153.33) (40.97) Finance Costs (2,709.89) (2,262.53) Interest Income including fair valuation of financial instruments 1,995.82 1,888.18 Profit before Taxation 1,204.73 1,196.71 Taxes (83.68) 202.63 Profit after Tax 1,288.41 994.08 Capital Expenditure* 478.73 0.18 460.37 0.13 Depreciation * 832.38 64.42 816.76 78.13 Non Cash expenses other than depreciation * 122.99 0.22 (c) Segment Revenue Sales between segments are carried out at arm’s length and are eliminated on consolidation. The segment revenue is measured in the same way as in the Statement of Profit and Loss. (` in Crore) Particulars Year ended March 31, 2017 Year ended March 31, 2016 Total segment revenue Inter segment revenue Revenue from external customers Total segment revenue Inter segment revenue Revenue from external customers Segment Revenue Power Business (incl Regulatory Income) 7,929.24 - 7.929.24 7,555.52 - 7,555.52 EPC & Contracts Business 1,598.20 - 1,598.20 2,644.93 - 2,644.93 Total Segment Revenue 9,527.44 - 9,527.44 10,200.45 - 10,200.45

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |706| (d) Segment Assets Segment assets are measured in the same way as in the financial statements. These assets are allocated based on the operations of the segment and the physical location of the asset. Assets which can’t be allocated to any of the segments are shown as Unallocated Assets. Investments & derivative financial instruments held by the Company are not considered to be segment assets but are managed by the treasury function. (` in Crore) Particulars As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 Power 21,423.33 22,186.05 23,004.17 EPC & Contracts 5,482.86 6,417.91 8,203.93 Unallocated 29,867.54 27,303.84 22,122.99 Assets classified as held for sale 661.70 2,856.27 1,411.29 Total Segment Assets 57,435.43 58,764.07 54,742.38 (e) Segment Liabilities Segment liabilities are measured in the same way as in the financial statements. These liabilities are allocated based on the operations of the segment. Liabilities which can’t be allocated to any of the segments are shown as Unallocated Liabilities. The Company’s borrowings and derivative financial instruments are not considered to be segment liabilities, but are managed by the treasury function. (` in Crore) Particulars As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 Power 9,802.01 8,334.77 7,111.74 EPC & Contracts 6,390.52 6,724.65 7,200.56 Unallocated 20,247.76 24,406.00 20,564.88 Total Segment Liabilities 36,440.29 39,465.42 34,877.18 (f) Information about Major Customer Revenue from Crest Logistics and Engineers Private Limited of the Company’s EPC & Contract Business is ` 898.19 Crore (March 31, 2016 – ` 1,161.42 Crore) which is more than 10% of the Company’s segment revenue. (g) Geographical Segment The Company’s operations are mainly confined in India. The Company does not have material earnings from business segment outside India. As such, there are no reportable geographical segments 9. SUN PHARMACEUTICAL INDUSTRIES LIMITED ACCOUNTING POLICY Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker of the Company is responsible for allocating resources and assessing performance of the operating segments and accordingly is identified as the chief operating decision maker. Disclosure Segment Reporting The Chief Operating Decision Maker (‘CODM’) evaluates the Group’s performance and allocates resources based on an analysis of various performance indicators by reportable segments. The Group’s reportable segments are as follows:

|707| Chap. 28 – Ind AS 108 — Operating Segments 1. India 2. United States 3. Emerging Markets 4. Rest of the World The reportable segments derives their revenues from the sale of pharmaceuticals products (generics, speciality, API, etc.). The CODM reviews revenue as the performance indicator. The measurement of each segment’s revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Group’s consolidated financial statements. ` in Million Year ended March 31, 2017 Year ended March 31, 2016 Revenue by Geography India 80,610.1 77,844.6 United States of America 138,823.6 136,724.7 Emerging markets 49,074.2 39,075.5 Rest of world 34,134.4 25,235.9 302,642.3 278,880.7 In view of the interwoven/intermix nature of business and manufacturing facility, other segmental information is not ascertainable. Concentration of Revenues from two customers of the Group were 35.7% and 30.9% of total revenue for the year ended March 31, 2017 and March 31, 2016 respectively. 10. TATA MOTORS LIMITED Disclosure Segments The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles. These in the context of Ind AS 108 - operating segments reporting are considered to constitute one reportable segment. 41. Segment reporting The Company primarily operates in the automotive segment. The automotive segment includes all activities relating to development, design, manu- facture, assembly and sale of vehicles including financing thereof, as well as sale of related parts and accessories. The Company provides financing for vehicles sold by dealers in India. The vehicle financing is intended to drive sale of vehicles by providing financing to the dealers’ customers and as such is an integral part of automotive business. The financing activity is assessed as an integral part of the overall automotive business. The operating results of the financing activity does not include all of the interest or cost of funds employed for the purposes of financing, and therefore the operating results of this activity is not used to make decisions about resources to be allocated or to assess performance. The Company’s products mainly include Tata and other brand vehicles and Jaguar and Land Rover vehicles. As at March 31, 2017, the automotive segment is bifurcated into the following : Tata and other brand vehicles, including financing thereof and Jaguar Land Rover.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |708| The Company’s other segment comprises primarily activities relating to information technology or IT services, machine tools and factory automation solutions. The segment information presented is in accordance with the accounting policies adopted for preparing the consolidated financial statements of the Company. Segment revenues, expenses and results include intersegment transfers. Such transfers are undertaken either at competitive market prices charged to unaffiliated customers for similar goods or at contracted rates. These transfers are eliminated on consolidation. For the year ended/as at March 31, 2017 (` in crores) Automotive and related activity Tata and other brand vehicles financing Jaguar Land Rover Intrasegment eliminations Total Others Intersegment eliminations Total Revenues: External revenue 56,292.59 2,16,388.82 - 2,72,681.41 1,810.71 - 2,74,492.12 Inter-segment/intra-segment revenue 156.19 - (145.19) 11.00 1,373.35 (1,384.35) - Total revenues 56,448.78 2,16,388.82 (145.19) 2,72,692.41 3,184.06 (1,384.35) 2,74,492.12 Earnings before other income, finance cost 207.05 15,117.07 - 15,324.12 471.90 (202.22) 15,593.80 Reconciliation to Profit before tax: Other income 754.54 Finance costs (4,238.01) Foreign exchange (gain)/loss (net) Exceptional items: a) Employee separation cost (3,910.10) (67.61) b) Others 1,182.17 Profit before tax 9,314.79 Depreciation and amortisation expense 3,157.71 14,650.51 - 17,808.22 96.77 - 17,904.99 Capital expenditure 4,018.58 27,783.03 - 31,801.61 124.12 (174.99) 31,750.74 Share of profit/(loss) of equity accounted 25.21 1,384.37 - 1,409.58 83.42 - 1,493.00 Segment assets 64,890.05 1,54,654.50 - 2,19,544.55 2,205.13 (1,023.72) 2,20,725.96 Investment in equity accounted investees 377.31 3,835.72 - 4,213.03 392.98 - 4,606.01 Reconciliation to total assets: Other investments 15,731.91 Current and non-current tax assets (net) 1,195.67 Deferred tax assets (net) 4,457.34 Other unallocated financial assets 2 27,037.47 Total assets 2,73,754.36 Segment liabilities 17,548.81 89,478.99 - 1,07,027.80 747.75 (250.44) 1,07,525.11 Reconciliation to total liabilities: Borrowings 78,603.98 Current tax liabilities (net) 1,392.58 Deferred tax liabilities (net) 1,174.00 Other unallocated financial liabilities 3 26,543.63 Total liabilities 2,15,239.30 1 Tata and other brand vehicles include Tata Daewoo and Fiat brand vehicles. 2 Includes interest-bearing loans and deposits and accrued interest income. 3 Includes interest accrued and other interest bearing liabilities

|709| Chap. 28 – Ind AS 108 — Operating Segments For the year ended/as at March 31, 2016 (` in crores) Automotive and related activity Tata and other brand vehicles financing Jaguar Land Rover Intrasegment eliminations Total Others Intersegment eliminations Total Revenues: External revenue 53,386.49 2,22,822.93 - 2,76,209.42 1,451.17 - 2,77,660.59 Inter-segment/intra-segment revenue 76.03 - (63.78) 12.25 1,502.72 (1,514.97) - Total revenues 53,462.52 2,22,822.93 (63.78) 2,76,221.67 2,953.89 (1,514.97) 2,77,660.59 Earnings before other income, finance cost 2,188.15 19,056.29 - 21,244.44 436.24 (83.95) 21,596.73 Reconciliation to Profit before tax: 885.35 Other income (4,889.08) Finance costs (1,616.88) Foreign exchange (gain)/loss (net) Exceptional items: a) Employee separation cost (32.72) b) Others (1,817.63) Profit before tax 14,125.77 Depreciation and amortisation expense 2,527.52 14,100.10 - 16,627.62 83.16 - 16,710.78 Capital expenditure 3,681.61 27,616.04 - 31,297.65 211.54 (83.80) 31,425.39 Share of profit/(loss) of equity accounted 20.67 598.71 - 619.38 (41.91) - 577.47 Segment assets 60,550.01 1,59,802.80 (10.00) 2,20,342.81 2,286.84 (939.31) 2,21,690.34 Investment in equity accounted investees 373.05 3,238.07 - 3,611.12 152.83 - 3,763.95 Reconciliation to total assets: Other investments 20,003.07 Current and non-current tax assets (net) 1,412.56 Deferred tax assets (net) 3,957.03 Other unallocated financial assets2 16,314.20 Total assets 2,67,141.15 Segment liabilities 14,333.95 82,957.43 (10.00) 97,281.38 828.45 (278.59) 97,831.24 Reconciliation to total liabilities: Borrowings 69,359.96 Current tax liabilities (net) 723.53 Deferred tax liabilities (net) 4,474.78 Other unallocated financial liabilities3 15,366.39 Total liabilities 1,87,755.90 1 Tata and other brand vehicles include Tata Daewoo and Fiat brand vehicles. 2 Includes interest-bearing loans and deposits and accrued interest income. 3 Includes interest accrued and other interest bearing liabilities.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |710| For the year ended/as at April 1, 2015 (` in crores) Automotive and related activity Tata and other brand vehicles financing Jaguar Land Rover Intra- segment eliminations Total Others Inter-segment eliminations Total Segment assets 57,809.70 1,41,761.05 - 1,99,570.75 2,155.54 (1,087.00) 2,00,639.29 Investment in equity accounted investees Reconciliation to total assets: 367.09 2,602.99 - 2,970.08 203.58 - 3,173.66 Other investments 14,843.63 Current and non-current tax assets (net) 1,159.53 Deferred tax assets (net) 4,049.41 Other unallocated financial assets2 14,278.20 Total assets 2,38,143.72 Segment liabilities 14,201.93 76,238.47 - 90,440.40 779.26 (280.89) 90,938.77 Reconciliation to total liabilities: Borrowings 72,710.86 Current tax liabilities (net) 820.13 Deferred tax liabilities (net) 2,559.49 Other unallocated financial liabilities3 15,412.14 Total liabilities 1,82,441.39 1 Tata and other brand vehicles include Tata Daewoo and Fiat brand vehicles. 2 Includes interest-bearing loans and deposits and accrued interest income. 3 Includes interest accrued and other interest bearing liabilities. Entity-wide disclosures Information concerning principal geographic areas is as follows: (` in crores) Year ended March 31, Net sales to external customers by geographic area by location of customers: 2017 2016 (a) India 47,101.21 46,027.25 (b) United States of America 42,935.31 43,809.17 (c) United Kingdom 50,588.18 46,209.94 (d) Rest of Europe 47,122.48 41,575.25 (e) China 41,369.40 48,760.19 (f ) Rest of the World 45,375.54 51,278.79 Total 2,74,492.12 2,77,660.59

|711| Chap. 28 – Ind AS 108 — Operating Segments Non-current assets (Property, plant and equipment, Intangible assets, other non-current assets and Goodwill) by geographic area: As at March 31, As at April 1, 2015 2017 2016 (a) India 28,347.32 27,656.40 26,900.82 (b) United States of America 251.84 354.47 338.10 (c) United Kingdom 96,966.41 1,01,735.19 87,748.93 (d) Rest of Europe 1,306.66 278.63 120.61 (e) China 91.04 154.08 101.71 (f ) Rest of the World 3,005.75 3,121.01 Total 1,29,969.02 1,33,299.78 1,17,053.80 Information about product revenues: Year ended March 31, 2017 2016 (a) Tata and Fiat vehicles 48,069.14 46,347.41 (b) Tata Daewoo commercial vehicles 5,793.30 4,783.94 (c) Finance revenues 2,429.23 2,240.03 (d) Jaguar Land Rover vehicles 2,16,388.82 2,22,822.93 (e) Others 1,811.63 1,466.28 Total 2,74,492.12 2,77,660.59 11. TATA STEEL LIMITED ACCOUNTING POLICY Segment Reporting The Company is engaged in the business of manufacturing steel products and is primarily operated out of India. In accordance with Ind AS 108 “Operating Segments”, the Company has presented segment information on the basis of consolidated financial statements which form part of this report. Disclosure (I) The Group is engaged in the business of manufacturing steel products across the globe. The operating segments have been identified based on the different geographical areas where major entities within the Group operate and which is also the basis on which the Chief Operating Decision Maker (CODM) reviews and assess the Group’s performances. The Group’s reportable segments and segment information is presented below: (` in crores) Tata Steel India Other Indian operations Tata Steel Europe Other trade related operations South-East Asian operations Rest of the world Intersegment eliminations Total Segment revenue External revenue 48,741.51 5,142.09 52,017.48 3,258.07 7,653.25 607.54 - 1,17,419.94 39,718.65 4,595.53 53,225.87 840.44 7,558.92 400.51 - 1,06,339.92 Inter-segment revenue 4,519.45 1,557.75 67.48 20,493.30 482.65 22.41 (27,143.04) - 2,978.79 1,631.10 329.49 14,196.83 508.05 140.55 (19,784.81) - Total Revenue 53,260.96 6,699.84 52,084.96 23,751.37 8,135.90 629.95 (27,143.04) 1,17,419.94 42,697.44 6,226.63 53,555.36 15,037.27 8,066.97 541.06 (19,784.81) 1,06,339.92

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |712| (` in crores) Tata Steel India Other Indian operations Tata Steel Europe Other trade related operations South-East Asian operations Rest of the world Intersegment eliminations Total Segment results before exceptional items, interest, tax and depreciation : 11,952.75 580.08 4,704.91 261.62 531.27 (19.56) (985.70) 17,025.37 7,792.31 606.91 (513.20) 1,278.10 197.41 (152.63) (1,258.11) 7,950.79 Segment results include: Share of profit/(loss) of joint ventures and associates (30.01) 2.53 48.29 - (13.16) - - 7.65 (89.69) 1.65 (14.05) - (8.33) - - (110.42) Reconciliation to profit/ (loss) for the year: Finance income 517.57 319.34 Finance cost 5,072.20 4,221.41 Depreciation and Amortisation 5,672.88 5,306.35 Profit before exceptional items and tax 6,797.86 (1,257.63) Exceptional items (4,324.23) 3,990.38 Profit before tax 2,473.63 2,732.75 Tax 2,778.01 689.96 Profit after tax from continuing operations (304.38) 2,042.79 Profit after tax from discontinued operations (3,864.19) (2,539.88) Net profit/(loss) for the period (4,168.57) (497.09) Segment assets 1,09,180.60 5,532.26 43,687.31 43,413.50 5,091.43 7,904.66 (41,476.52) 1,73,333.24 1,02,929.47 4,910.99 55,585.99 42,616.15 4,936.98 7,347.91 (40,816.05) 1,77,511.44 Segment assets include: Equity accounted investments 1,281.05 25.62 275.26 - 11.75 - - 1,593.68 1,295.14 33.93 275.66 - 15.68 - - 1,620.41 Segment liabilities 62,542.95 3,274.90 73,061.71 33,208.34 2,724.50 2,205.11 (43,105.29) 1,33,912.22 59,213.64 2,894.21 78,656.38 25,471.36 2,797.20 6,213.81 (42,248.65) 1,32,997.95 Additions to noncurrent assets 3,846.73 419.81 3,665.80 3.17 5.38 216.67 - 8,157.56 6,074.92 367.67 3,539.24 0.57 32.03 1,582.09 - 11,596.52 Figures in italics represents comparative figures of previous year.

|713| Chap. 28 – Ind AS 108 — Operating Segments Details of revenue by nature of business is as below: (` in crores) Year ended March 31, 2017 Year ended March 31, 2016 Steel 1,05,611.52 96,321.74 Others 11,808.42 10,018.18 1,17,419.94 1,06,339.92 Revenue from other business primarily relate to from ferro alloys, power, town and medical services. Details of revenue based on geographical location of customers is as below: (` in crores) Year ended March 31, 2017 Year ended March 31, 2016 India 50,982.81 43,603.61 Outside India 66,437.13 62,736.31 1,17,419.94 1,06,339.92 Revenue outside India primarily relates to the United Kingdom and other European countries. Details of non-current assets (property, plant and equipment, intangibles and goodwill on consolidation) based on geographical area is as below: (` in crores) As at March 31, 2017 As at March 31, 2016 India 81,097.26 80,455.74 Outside India 26,693.42 27,740.11 1,07,790.68 1,08,195.85 Notes: (i) Segment performance is reviewed by the CODM on the basis of profit or loss from continuing operations before finance income and finance cost, depreciation and amortisation and tax expenses. Segment results reviewed by the CODM also exclude income or expenses which are non-recurring in nature and are classified as exceptional. Information about segment assets and liabilities provided to the CODM, however, include the related assets and liabilities arising on account of items excluded in measurement of segment results. Such amounts, therefore, form part of the reported segment assets and liabilities. (ii) No single customer represents 10% or more of the Group’s total revenue during the year ended March 31, 2017 and March 31, 2016 (iii) The accounting policies of the reportable segments are the same as of the Group’s accounting policies. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |714| Chapter 29 Ind AS 110 — Consolidated Financial Statements 1. ALL CARGO LOGISTICS LIMITED BASIS OF CONSOLIDATION The CFS comprise the financial statements of the holding Company and its subsidiaries as at 31 March 2017. The CFS also includes the Group’s share of net assets of the subsidiary and the Group’s share of profits. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has all of the below: a) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) b) Exposure, or rights, to variable returns from its involvement with the investee, and c) The ability to use its power over the investee to affect its returns The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. CFS are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the holding Company, i.e., year ended on 31 March. Consolidation procedure: - Combine like items of assets, liabilities, equity, income, expenses and cash flows of the Parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date. Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. Eliminate in full intra group assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS12 ‘Income Taxes’ applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the holding Company of the Group and to the non-controlling interests, even if this results in

|715| Chap. 29 – Ind AS 110 — Consolidated Financial Statements the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: - Derecognises the assets (including goodwill) and liabilities of the subsidiary - Derecognises the carrying amount of any noncontrolling interests - Derecognises the cumulative translation differences recorded in equity - Recognises the fair value of the consideration received - Recognises the fair value of any investment retained - Recognises any surplus or deficit in profit or loss - Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. 2. ATUL LIMITED PRINCIPLES OF CONSOLIDATION AND EQUITY ACCOUNTING i) Subsidiary companies Subsidiary companies are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiary companies are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. The Group combines the Financial Statements of the parent and its subsidiary companies line by line adding together like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting Policies of subsidiary companies have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interest in the results and equity of subsidiary companies are shown separately in the Consolidated Statement of Profit and Loss, Consolidated Statement of changes in equity and Balance Sheet respectively. ii) Associate companies Associate companies are all entities over which the Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associate companies are accounted for using the equity method of accounting {see (iv) below}. iii) Joint arrangements Under Ind AS 111 Joint arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group has interest only in one joint venture company.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |716| Joint venture company Interest in joint venture company are accounted for using the equity method {see (iv) below}. iv) Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise share of the Group in post-acquisition profit and loss of the investee in profit and loss, and share of the Group in Other Comprehensive Income of the investee in Other Comprehensive Income. Dividends received or receivable from associate company and joint venture company are recognised as a reduction in the carrying amount of the investment. When the Group share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its associate company and joint venture company are eliminated to the extent of the Group interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting Policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity accounted investments are tested for impairment in accordance with the policy described in (l) below. v) Changes in ownership interest The Group treats transactions with non-controlling interest that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interest to reflect their relative interest in the subsidiary companies. Any difference between the amount of the adjustment to non-controlling interest and any consideration paid or received is recognised within equity. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purpose of subsequently accounting for the retained interest as an associate company, joint venture company or financial asset. In addition, any amount previously recognised in Other Comprehensive Income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in Other Comprehensive Income are reclassified to the Statement of Profit and Loss. If the ownership interest in a joint venture company or an associate company is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in Other Comprehensive Income are reclassified to the Statement of Profit and Loss where appropriate. 3. BHARAT FORGE LIMITED BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at March 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: - Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) - Exposure, or rights, to variable returns from its involvement with the investee, and - The ability to use its power over the investee to affect its returns

|717| Chap. 29 – Ind AS 110 — Consolidated Financial Statements Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement with the other vote holders of the investee - Rights arising from other contractual arrangements - The Group’s voting rights and potential voting rights - The size of the Group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies. The consolidated financial statements in respect of overseas subsidiaries/associate companies (other than Bharat Forge International Limited) are drawn for the year ended December 31, 2016, whereas the financial statements of the Company are drawn for the year ended March 31, 2017. The effect of significant transactions and other events that occur between January 1, 2017 and March 31, 2017 are considered in the consolidated financial statements if it is material in nature. The financial statements of Bharat Forge International Limited have been prepared for the year ended March 31, 2017. The financial statements of Indian subsidiaries/associates/joint controlled entities have been drawn for the year ended March 31, 2017. Consolidation procedure (a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date. (b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. (c) Eliminate in full intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |718| A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: - Derecognises the assets (including goodwill) and liabilities of the subsidiary - Derecognises the carrying amount of any non-controlling interests - Derecognises the cumulative translation differences recorded in equity - Recognises the fair value of the consideration received - Recognises the fair value of any investment retained - Recognises any surplus or deficit in the statement of profit and loss - Reclassifies the parent’s share of components previously recognised in OCI to the statement of profit and loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. 4. BHARAT PETROLEUM CORPORATION LIMITED BASIS OF CONSOLIDATION Subsidiaries Subsidiaries are entities controlled by the Corporation. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. The financial statements of the subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which the control ceases. Subsidiaries are consolidated by combining like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. The intra-company balances and transactions including unrealized gain/loss from such transactions are eliminated upon consolidation. These consolidated financial statements are prepared by applying uniform accounting policies in use at the Corporation. Non-controlling interests (“NCI”) which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded. Changes in the Corporation’s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Joint Venture and Associates A joint venture is an arrangement in which the Corporation has joint control and has rights to the net assets of the arrangement, rather than the rights to its assets and obligation for its liabilities. An associate is an entity in which the Corporation has significant influence, but no control or joint control over the financial and operating policies. Interest in joint ventures and associates are accounted for using the equity method. They are initially recognized at cost which includes transaction cost. Subsequent to initial recognition the consolidated financial statements include the JVCs and Associates share of profit or loss and Other Comprehensive Income (“OCI”) of such entities until the date on which significant influence or joint control ceases. Unrealised gains/losses arising from transactions with such entities are eliminated against the investment to the extent of the Corporation’s interest in the investee. Business Combinations In accordance with Ind AS 101 First time adoption of Indian Accounting Standards, the Group has elected to apply the requirements of Ind AS 103, “Business Combinations” prospectively to business combinations on or after the date of transition (1st April 2015). Pursuant to this exemption, goodwill/capital reserve arising

|719| Chap. 29 – Ind AS 110 — Consolidated Financial Statements from business combination has been stated at the carrying amount under previous GAAP. In accordance with Ind AS 103, the Group accounts for these business combinations using the acquisition method when the control is transferred to the Group. The consideration transferred for the business combinations is generally measured at fair value as at the date the control is acquired (acquisition date), as are the net identifiable assets acquired. Any goodwill that arises is tested annually for impairment. If a business combination is achieved in stages, any previously held equity interest in the acquiree is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss or OCI as appropriate. Common Control Business combinations involving entities that are ultimately controlled by the same part(ies) before and after the business combination are considered as Common control entities and are accounted using the pooling of interest method as follows: - The assets and liabilities of the combining entities are reflected at their carrying amounts. - No adjustments are made to reflect the fair values, or recognise new assets or liabilities. Adjustments are made to harmonise accounting policies. - The financial information in the financial statements in respect of prior periods is restated as if the business combination has occurred from the beginning of the preceding period in the financial statements, irrespective of the actual date of the combination. The balance of the retained earnings appearing in the financial statements of the transferor is aggregated with the corresponding balance appearing in the financial statements of the transferee or is adjusted against general reserve. The identity of the reserves are preserved and the reserves of the transferor become the reserves of the transferee. The difference if any, between the amounts recorded as share capital plus any additional consideration in the form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve and is presented separately from other capital reserves. 5. BHARTI AIRTEL LIMITED BASIS OF CONSOLIDATION a. Subsidiaries Subsidiaries include all the entities over which the Group has control. The Group controls an entity when it is exposed or has right to variable return from its involvement with the entity, and has the ability to affect those returns through its power (that is, existing rights that give it the current ability to direct the relevant activities) over the entity. The Group re-assesses whether or not it controls the entity, in case the under-lying facts and circumstances indicate that there are changes to above mentioned parameters that determine the existence of control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, and they are de-consolidated from the date that control ceases. Non-controlling interests is the equity in a subsidiary not attributable to a parent and presented separately from the Group’s equity. Non-controlling interests consist of the amount at the date of the business combination and its share of changes in equity since that date. Profit or loss and other comprehensive income are attributed to the controlling and non-controlling interests in proportion to their ownership interests, even if this results in the non-controlling interests having a deficit balance. However, in case where there are binding contractual arrangements that determine the attribution of the earnings, the attribution specified by such arrangement is considered. The profit or loss on disposal (associated with loss of control) is recognised in the statement of profit and loss being the difference between (i) the aggregate of the fair value of consideration received and the fair

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |720| value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. In addition, any amounts previously recognised in the other comprehensive income in respect of that de-consolidated entity, are accounted for as if the Group had directly disposed off the related assets or liabilities. This may mean that amounts previously recognised in the other comprehensive income are re-classified to the statement of profit and loss. Any retained interest in the entity is remeasured to its fair value with the resultant change in carrying value being recognised in statement of profit and loss. A change in the ownership interest of a subsidiary, without a change of control, is accounted for as a transaction with equity holders. Any difference between the amount of the adjustment to non-controlling interests and any consideration exchanged is recognised in ‘reserve arising on transactions with NCI’, a component of equity. b. Joint ventures and associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Joint ventures and associates are accounted for from the date on which Group obtains joint control over the joint venture/starts exercising significant influence over the associate. c. Method of consolidation Accounting policies of the respective individual subsidiary, joint venture and associate are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Group under Ind AS. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intragroup balances and transactions, and income and expenses arising from intra-group transactions, are eliminated while preparing the said financial statements. The un-realised gains resulting from intra-group transactions are also eliminated. Similarly, the un-realised losses are eliminated, unless the transaction provides evidence as to impairment of the asset transferred. The Group’s investments in its joint ventures and associates are accounted for using the equity method. Accordingly, the investments are carried at cost as adjusted for post-acquisition changes in the Group’s share of the net assets of investees. Any excess of the cost over the Group’s share of net assets in its joint ventures/associates at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The un-realised gains/losses resulting from transactions (including sale of business) with joint ventures and associates are eliminated against the investment to the extent of the Group’s interest in the investee. However, un-realised losses are eliminated only to the extent that there is no evidence of impairment. At each reporting date, the Group determines whether there is objective evidence that the investment is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of investment and its carrying value. 6. BIOCON LIMITED BASIS OF CONSOLIDATION i. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns

|721| Chap. 29 – Ind AS 110 — Consolidated Financial Statements through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The financial statements of the Group are consolidated on line-by-line basis. Intra-group transactions, balances and any unrealised gains arising from intra-group transactions, are eliminated. Unrealised losses are eliminated, but only to the extent that there is no evidence of impairment. All temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions are recognised as per Ind AS 12, Income Taxes. For the purpose of preparing these consolidated financial statements, the accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Company. Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree’s net identifiable assets at the date of acquisition. Changes in the Group’s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. ii. Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognised in statement of profit and loss. iii. Associates and joint arrangements (equity accounted investees) The Group’s interests in equity accounted investees comprise interests in associates and a joint venture. An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control and has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and OCI of equity- accounted investees until the date on which significant influence or joint control ceases. 7. DR. REDDY’S LABORATORIES LIMITED BASIS OF CONSOLIDATION Subsidiaries Subsidiaries are all entities (including special purpose entities) that are controlled by the Company. Control exists when the Company is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through power over the entity. In assessing control, potential voting rights are considered only if the rights are substantive. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. For the purpose of preparing these consolidated financial statements, the accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Company. Joint arrangements (equity accounted investees) Joint arrangements are those arrangements over which the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |722| A joint arrangement is either a joint operation or a joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Associates are those entities over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entities but is not control or joint control of those policies. Significant influence is generally presumed to exist when the Company holds between 20% and 50% of the voting power of another entity. Investments in associates and joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The carrying value of the Company’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The Company does not consolidate entities where the non-controlling interest (“NCI”) holders have certain significant participating rights that provide for effective involvement in significant decisions in the ordinary course of business of such entities. Investments in such entities are accounted by the equity method of accounting. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to zero and the recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. For the purpose of preparing these consolidated financial statements, the accounting policies of joint ventures have been changed where necessary to align them with the policies adopted by the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in full while preparing these consolidated financial statements. Unrealized gains or losses arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Acquisition of non-controlling interests Acquisition of some or all of the NCI is accounted for as a transaction with equity holders in their capacity as equity holders. Consequently, the difference arising between the fair value of the purchase consideration paid and the carrying value of the NCI is recorded as an adjustment to retained earnings that is attributable to the parent company. The associated cash flows are classified as financing activities. No goodwill is recognised as a result of such transactions. Loss of Control Upon loss of control, the Company derecognizes the assets and liabilities of the subsidiary, any noncontrolling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in the consolidated statement of profit and loss. If the Company retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as a FVTOCI or FVTPL financial asset, depending on the level of influence retained. 8. GRASIM INDUSTRIES LIMITED PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements (CFS) comprises the Financial Statements of Grasim Industries Limited (“Company”) and its Subsidiaries, Joint Ventures and Associates (herein after referred together as “the Group” or “the Company”). The CFS of the Group have been prepared in accordance with the Indian Accounting Standard on “Consolidated Financial Statements” (Ind AS-110), “Joint Arrangements” (Ind AS 111), “Disclosure of Interest in Other Entities” (Ind AS 112), “Investment in Associates and Joint Ventures” (Ind AS 28) notified under Section 113 of the Companies Act, 2013.

|723| Chap. 29 – Ind AS 110 — Consolidated Financial Statements As part of its transition to Ind AS, the Group has elected to avail the exemption under Ind AS 103 for business combinations prior to the transition date, i.e. 1st April, 2015. (i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of Subsidiaries are included in the Consolidated Financial Statements from the date on which controls commences until the date on which control ceases. The financial statements of the Company and its Subsidiary Companies are combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses, after eliminating material intra-group balances and intra-group transactions and resulting unrealised profits or losses on intragroup transactions. The difference between the costs of investment in the subsidiaries and the Company’s share of net assets at the time of acquisition of shares in the Subsidiaries is recognised in the financial statements as Goodwill or Capital Reserve as the case may be. (ii) Non-Controlling Interest (NCI) Non-controlling interest in the net assets of the consolidated subsidiaries consists of: a) The amount of equity attributable to non-controlling shareholders at the date on which the investment in the subsidiary companies were made. b) The non-controlling share of movements in equity since the date the parent - subsidiary relationship comes into existence. The Total comprehensive income of Subsidiaries is attributed to the owners of the Company and to the noncontrolling interests, even if this results in the non-controlling interest having deficit balance. (iii) Loss of Control When the Group loses control over a Subsidiary, it derecognises the assets and liabilities of the Subsidiary, and any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognised in the Statement of Profit and Loss. (iv) Equity Accounted Investees The Group’s interests in equity accounted investees comprise interest in Associates and Joint Ventures. An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A Joint Venture is an arrangement in which the Group has joint control and has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interest in Associates and joint ventures are accounted for using equity method. They are initially recognised at cost, which include transaction costs. Subsequent to initial recognition, Consolidated Financial Statements include the Group’s share of profit or loss and OCI of equity accounted investees until the date on which significant influence or joint control ceases. When the Group’s share of losses of an equity accounted investee exceed the Group’s interest in that associate or joint venture (which includes any long-term interest that, in substance, form part of Group’s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligation or made payments on behalf of the associate or joint venture. Unrealised gains resulting from the transaction between the Group and Joint Ventures are eliminated to the extent of the interest in the joint venture and deferred tax is made on the same.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |724| The CFS are prepared using uniform significant accounting policies for like transactions and other events in similar circumstances, to the extent possible. The financial statements of the Company, its Subsidiaries, Joint Ventures and Associates used in the consolidation procedure are drawn upto the same reporting date, i.e., 31st March, 2017. The CFS includes six Joint Ventures (JVs), and seventeen Subsidiaries, incorporated outside India, whose Financial Statements have been restated in Indian Rupees, considering them as non-integral part of the Group’s operations. In translating the Financial Statements of such Companies for incorporation in the Financial Statements, the assets and liabilities, both monetary and non-monetary, are translated at closing exchange rate, all Income and Expenses are translated at exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction, and resulting exchange differences are accumulated in Foreign Currency Translation Reserve. Scheme of Arrangement for Amalgamation of Aditya Birla Nuvo Ltd. (ABNL) with the Company and demerger of Financial Services business into Aditya Birla Financial Services Ltd. (ABFSL). The Scheme has been approved by the Equity Shareholders and Creditors of the Company at their meeting held on 6th April, 2017. Shareholders and Creditors of ABNL and ABFSL have also approved the Scheme. Other regulatory approvals such as from Competition Commission of India, Stock Exchanges have also been received. The proceedings for sanction of the Scheme by the National Company Law Tribunal (NCLT) are in progress. Pending sanction of the Scheme by NCLT and the Scheme becoming effective with other regulatory requirements, no effect has been given for the Scheme in these financial statements. In terms of the Scheme, the effective date will be the appointment date and there is no separate appointment date for the Scheme. The Scheme is expected to become effective by the second quarter of the financial year 2017-18. The Audited Financial Statements (Standalone and Consolidated) of ABNL for the year ended 31st March, 2017 have been duly approved by its Board of Directors at its meeting held on 18th May, 2017, extracts of which are as under: A. Summarised Statement of Profit and Loss of ABNL for the year ended 31st March 2017 (` in crores) Particulars Standalone Consolidated Current Year ended 31st March 2017 Previous Year ended 31st March 2016 Current Year ended 31st March 2017 Previous Year ended 31st March 2016 Revenue from Operations 5,210.53 5,660.25 14,577.26 13,314.89 Other Income 241.75 206.48 348.81 325.95 Total Income 5,452.28 5,866.73 14,926.07 13,640.84 Profit before Interest, Depreciation and Tax 745.44 856.87 3,931.41 3,058.40 Finance Costs relating to NBFC/NHFC’s Business - - 2,275.99 1,599.78 Other Finance Cost 215.34 280.49 218.01 279.10 Depreciation and Amortisation 133.84 121.17 203.74 172.74 Profit before Share in Profit/(Loss) of an Associate and Joint Ventures, Exceptional Items and Tax from Continuing Operations 396.26 455.21 1,233.67 1,006.78 Share in Profit/(Loss) of an Associate and Joint Venture - - 11.47 752.87 Exceptional Item 1,135.54 56.44 15.84 56.44 Tax (Current & Deferred) 185.59 148.06 297.74 531.99

|725| Chap. 29 – Ind AS 110 — Consolidated Financial Statements (` in crores) Particulars Standalone Consolidated Current Year ended 31st March 2017 Previous Year ended 31st March 2016 Current Year ended 31st March 2017 Previous Year ended 31st March 2016 Profit for the Year from continuing operations including profit of Life Insurance Business attributable to Participating Shareholders 1,346.21 363.59 963.24 1,284.10 Less: Profit of Life Insurance Business attributable to Participating Shareholders - - 5.62 (1.24) Profit for the period from continuing operations 1,346.2 363.59 957.62 1,285.34 Profit attributable to discontinued operations - 22.62 - 354.74 Profit for the period 1,346.21 386.21 957.62 1,640.08 Other Comprehensive Income (net of Tax) 409.05 (641.21) 470.85 (289.86) Total Comprehensive Income 1,755.26 (255.00) 1,428.47 1,350.22 Profit for the period attributable to: Owners of the parent 1,346.21 386.21 908.31 1,612.77 Non-Controlling Interest - - 49.31 27.31 Total Comprehensive Income attributable to : Owners of the Company 1,755.26 (255.00) 1,346.60 1,327.19 Non-controlling Interest - - 81.87 23.03 9. IDEA CELLULAR INDIA LIMITED BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE The financial statements of the Company comprising of Balance Sheet, Statement of Profit and Loss, Statement of changes in Equity and Statement of Cash Flows together with the notes have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. For all periods up to and including the year ended March 31, 2016, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act, 2013 (Previous GAAP). The financial statements for the financial year ended March 31, 2017 are the Company’s first Ind AS compliant annual financial statements with comparative figures for the year ended March 31, 2016 also under Ind AS. The date of transition is April 1, 2015. Please refer to note 5 for detailed disclosure on the first time adoption of Ind AS. These financial statements have been prepared on a historical cost basis, except for certain financial instruments that have been measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services on the transaction date. All assets and liabilities have been classified as current or non-current in accordance with the operating cycle criteria set out in Ind AS 1 and Schedule III to the Companies Act, 2013. Deferred tax assets (including MAT credit entitlement) and liabilities are classified as non-current assets and liabilities. Basis of Consolidation The consolidated financial statements have been prepared in accordance with Ind AS 110 on Consolidated Financial Statements. Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group has: • Power over the investee • Exposure or rights, to variable returns from its involvement with the investee and

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |726| • Has the ability to affect those returns through its power to direct the relevant activities of the investee. Generally, there is a presumption that majority of voting rights results in control. To support this presumption and when the Group has less than majority of voting or similar rights over an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders • Rights arising from other contractual arrangements • Potential voting rights held by the Group The consolidated financial statements of the group are prepared based on a line by line combination of the separate financial statements of the Company and its subsidiaries whereby the book values of like items of assets, liabilities, income, expenses and tax have been added after eliminating intra-group balances, transactions and resulting unrealised gains or losses. Subsidiaries are consolidated from the date on which control is acquired by the group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit and Loss, Consolidated Statement of Changes in Equity and Consolidated Balance Sheet respectively. The financial statements of the following entities in the Group are prepared using uniform accounting policies and are drawn up to the same accounting period as that of the Company. Sr. No. Name of the Company Relationship Voting Power % as at March 31, 2017 March 31, 2016 April 1, 2015 1. Idea Telesystems Limited Subsidiary 100.00 100.00 100.00 2. Aditya Birla Telecom Limited Subsidiary 100.00 100.00 100.00 3. Idea Cellular Services Limited Subsidiary 100.00 100.00 100.00 4. Idea Cellular Infrastructure Services Limited Subsidiary 100.00 100.00 100.00 5. Idea Mobile Commerce Services Limited Subsidiary 100.00 100.00 100.00 Changes in ownership interests The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity. The subsidiaries are deconsolidated from the date the Group loses control on such subsidiaries. When the group ceases to consolidate because of a loss of control, any retained interest in the entity is re-measured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

|727| Chap. 29 – Ind AS 110 — Consolidated Financial Statements 10. IL&FS TRANSPORTATION NETWORKS LIMITED (ITNL) BASIS OF CONSOLIDATION These consolidated financial statements incorporate the financial statements of the Group and entities (including structured entities) controlled by the Group and its subsidiaries. Control is established when the Group: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including: • the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the Group, other vote holders or other parties; • rights arising from other contractual arrangements; and • any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meeting Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit and loss from the date the Group gains control until the date when the Group ceases to control the subsidiary. As the financial assets and intangible assets recognized under service concession arrangement are acquired in exchange for infrastructure construction/upgrading services, gains/losses on intra group transactions are treated as realized and not eliminated on consolidation Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent Group, i.e., year ended on March 31. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |728| Consolidation procedure (a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date (b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill (c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group [profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets [read with Point (d) below], are eliminated in full]. Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if these results in the non-controlling interests are having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies (d) The Build, Operate and Transfer (BOT)/Design, Build, Finance, Operate and Transfer (DBFOT) contracts are governed by Service Concession Agreements with government authorities (grantor) Under these agreements, the operator does not own the road, but gets “toll collection rights” against the construction services rendered. Since the construction revenue earned by the operator is considered as exchanged with the grantor against toll collection rights, revenue is recognised at fair value of construction services rendered and profit from such contracts is considered as realised Accordingly, BOT/DBFOT contracts awarded to group companies (operator), where work is subcontracted to fellow subsidiaries, the intra group transactions on BOT/DBFOT contracts and the profits arising thereon are taken as realised and not eliminated A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. 11. INFOSYS LIMITED BASIS OF CONSOLIDATION Infosys consolidates entities which it owns or controls. The consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries as disclosed in Note 2.25. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. Subsidiaries are consolidated from the date control commences until the date control ceases. The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions, including unrealized gain/loss from such transactions, are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded. Associates are entities over which the Group has significant influence but not control. Investments in associates are accounted for using the equity method of accounting. The investment is initially recognized

|729| Chap. 29 – Ind AS 110 — Consolidated Financial Statements at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the acquisition date. The Group’s investment in associates includes goodwill identified on acquisition. 12. LARSEN & TOUBRO LIMITED BASIS OF CONSOLIDATION (i) The consolidated financial statements incorporate the financial statements of the Parent Company and its subsidiaries. For this purpose, an entity which is, directly or indirectly, controlled by the Parent Company is treated as subsidiary. The Parent Company together with its subsidiaries constitute the Group. Control exists when the Parent Company, directly or indirectly, has power over the investee, is exposed to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. (ii) Consolidation of a subsidiary begins when the Parent Company, directly or indirectly, obtains control over the subsidiary and ceases when the Parent Company, directly or indirectly, loses control of the subsidiary. Income and expenses of a subsidiary acquired or disposed off during the year are included in the consolidated Statement of Profit and Loss from the date the Parent Company, directly or indirectly, gains control until the date when the Parent Company, directly or indirectly, ceases to control the subsidiary. (iii) The consolidated financial statements of the Group combines financial statements of the Parent Company and its subsidiaries line-by-line by adding together the like items of assets, liabilities, income and expenses. All intra-group assets, liabilities, income, expenses and unrealised profits/losses on intra-group transactions are eliminated on consolidation. The accounting policies of subsidiaries have been harmonised to ensure the consistency with the policies adopted by the Parent Company. The consolidated financial statements have been presented to the extent possible, in the same manner as Parent Company’s standalone financial statements. Profit or loss and each component of other comprehensive income are attributed to the owners of the Parent Company and to the non-controlling interests and have been shown separately in the financial statements. (iv) Non-controlling interest represents that part of the total comprehensive income and net assets of subsidiaries attributable to interests which are not owned, directly or indirectly, by the Parent Company. (v) The gains/losses in respect of part divestment/dilution of stake in subsidiary companies not resulting in ceding of control, are recognised directly in other equity attributable to the owners of the Parent Company. (vi) The gains/losses in respect of divestment of stake resulting in ceding of control in subsidiary companies are recognised in the Statement of Profit and Loss. The investment representing the interest retained in a former subsidiary, if any, is initially recognised at its fair value with the corresponding effect recognised in the Statement of Profit and Loss as on the date the control is ceded. Such retained interest is subsequently accounted as an associate or a joint venture or a financial asset. 13. RELIANCE INFRASTRUCTURE LIMITED PRINCIPLES OF CONSOLIDATION AND EQUITY ACCOUNTING (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |730| of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. The Group combines the financial statements of the parent and its subsidiaries line by line adding together like items of assets, liabilities, income and expenses. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit and Loss, consolidated statement of changes in equity and balance sheet respectively. (ii) Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see (iv) below), after initially being recognised at cost. (iii) Joint arrangements Under Ind AS 111 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Parent Company has both joint operations and joint ventures. Joint operations Parent Company recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the Consolidated Financial Statements under the appropriate headings. Details of the joint operation are set out in Note No. 43(e). Joint ventures Interests in joint ventures are accounted for using the equity method (see (iv) below), after initially being recognised at cost in the consolidated balance sheet. (iv) Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit and loss, and the Group’s share of other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity accounted investments are tested for impairment in accordance with the policy described in Note No.i(c) below.

|731| Chap. 29 – Ind AS 110 — Consolidated Financial Statements (v) Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity (Refer Note No. 43(c)). When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in Consolidated Profit and Loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to Consolidated Statement of Profit and Loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. (vi) The excess of cost to the Parent Company of its investment in the subsidiary/joint venture over the Parent Company’s portion of equity of the subsidiary/joint venture is recognised in the Consolidated Financial Statements as Goodwill. This Goodwill is tested for impairment at the end of the financial year. The excess of Parent Company’s portion of equity over the cost of investment as at the date of its investment is treated as Capital Reserve. (vii) The financial statements of the subsidiaries/joint ventures/associates used in consolidation are drawn upto the same reporting date as that of the Parent Company. 14. SUN PHARMACEUTICAL INDUSTRIES LIMITED BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Parent Company, and its subsidiaries as disclosed in Note 39. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. Subsidiaries are consolidated from the date control commences until the date control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. The financial statements of the Group companies are consolidated on a line-by-line basis and intra-Group balances, transactions including unrealised gain/loss from such transactions and cash flows relating to transactions between members of the Group are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Changes in the Group’s ownership interests in existing subsidiaries Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |732| When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed off the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable Ind AS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under Ind AS 109, or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Investments in Associates and Joint Ventures Associates are those entities over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entities but is not control or joint control of those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with Ind AS 105. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated balance sheet at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. Distributions received from an associate or a joint venture reduce the carrying amount of the investment. The carrying value of the Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. When the Group’s share of losses of an associate or a joint venture exceeds its interest in that associate or joint venture, the carrying amount of that interest (including any long-term investments) is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has obligations or has made payments on behalf of the associate or joint venture. An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture and discontinues from the date when the investment ceases to be an associate or a joint venture, or when the investment is classified as held for sale. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed off the related assets or liabilities. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group. 15. SUZLON ENERGY LIMITED BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of Suzlon Energy Limited (‘SEL’ or‘ the Company’) and its subsidiaries (together referred to as ‘Suzlon’ or‘ the Group’). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and

|733| Chap. 29 – Ind AS 110 — Consolidated Financial Statements has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights • The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rightsholders The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation procedure a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date. b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intra group losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intra group transactions.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |734| Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • Derecognises the assets (including goodwill) and liabilities of the subsidiary • Derecognises the carrying amount of any non-controlling interests • Derecognises the cumulative translation differences recorded inequity • Recognises the fair value of the consideration received • Recognises the fair value of any investment retained • Recognises any surplus or deficit in profit or loss • Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. 16. TATA MOTORS LIMITED BASIS OF CONSOLIDATION Subsidiaries The consolidated financial statements include Tata Motors Limited and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company (a) has power over the investee, (b) it is exposed, or has rights, to variable returns from its involvement with the investee and (c) has the ability to affect those returns through its power over the investee. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements listed above. In assessing control, potential voting rights that currently are exercisable are taken into account. The results of subsidiaries acquired or disposed off during the year are included in the consolidated financial statements from the effective date of acquisition and up to the effective date of disposal, as appropriate. Inter-company transactions and balances including unrealized profits are eliminated in full on consolidation. Non-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from the Company’s equity. The interest of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the noncontrolling interests’ share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if it results in the non-controlling interest having a deficit balance. Changes in the Company’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.

|735| Chap. 29 – Ind AS 110 — Consolidated Financial Statements When the Company loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e., reclassified to profit or loss) in the same manner as would be required if the relevant assets or liabilities were disposed off. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under Ind AS 109 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity. 17. TATA POWER LIMITED BASIS OF CONSOLIDATION (i) The Company consolidates all entities which are controlled by it. The consolidated financial statements comprise the financial statements of the Company, its controlled entities and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. The entities are consolidated from the date control commences until the date control ceases. (ii) The consolidated financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealised gain/loss from such transactions are eliminated upon consolidation. These consolidated financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Group, are excluded. (iii) Changes in the Company’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. (iv) Joint Ventures are entities over which the Group has joint control but not full control. Associates are entities over which the Group has significant influence but not control. Investments in Joint Ventures and Associates are accounted for using the equity method of accounting. The investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the acquisition date. The Group’s investment in Joint Ventures and Associates includes goodwill identified on acquisition. Name Country of Incorporation % voting power held as at 31st March, 2017 % voting power held as at 31st March, 2016 % voting power held as at 1st April, 2015 Subsidiaries (Direct) Af-Taab Investment Co. Ltd. (AICL) India 100 100 100 Chemical Terminal Trombay Ltd. (CTTL) India 100 100 100 Tata Power Trading Co. Ltd. (TPTCL) India 100 100 100 NELCO Ltd. (NELCO) India 50.04 50.04 50.04 Maithon Power Ltd. (MPL) India 74 74 74 Tata Power Delhi Distribution Ltd. (TPDDL) India 51 51 51

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |736| Name Country of Incorporation % voting power held as at 31st March, 2017 % voting power held as at 31st March, 2016 % voting power held as at 1st April, 2015 Coastal Gujarat Power Ltd. (CGPL) India 100 100 100 Bhira Investments Ltd. (BIL) Mauritius 100 100 100 Bhivpuri Investments Ltd. (BHIL) Mauritius 100 100 100 Khopoli Investments Ltd. (KIL) Mauritius 100 100 100 Trust Energy Resources Pte. Ltd. (TERL) Singapore 100 100 100 Industrial Power Utility Ltd. (IPUL) # India 100 100 100 Tata Ceramics Ltd. (TCL) # India 57.07 57.07 Nil Tata Power International Pte. Ltd. (TPIPL) Singapore 100 100 100 Tata Power Solar Systems Ltd. (TPSSL) India 100 100 100 Tata Power Renewable Energy Ltd. (TPREL) India 100 100 100 Tata Power Jamshedpur Distribution Ltd. (TPJDL) # India 100 100 100 Subsidiaries (Indirect) PT Sumber Energi Andalan Tbk. (SEA) Indonesia 94.61 94.61 94.61 Tata Power Green Energy Ltd. (TPGEL) India 100 100 100 NDPL Infra Ltd. (NDPLIL) India 51 51 51 Energy Eastern Pte. Ltd. (EEL) Singapore 100 100 100 Tatanet Services Ltd. (TNSL) (Consolidated with NELCO Ltd.) India 50.04 50.04 50.04 Supa Windfarm Ltd. (SWFL) India 100 100 Nil Poolavadi Windfarm Ltd. (PWL) India 100 100 Nil Nivade Windfarm Ltd. (NWL) India 100 100 Nil Indo Rama Renewables Jath Ltd. (IRRJL) $ India 100 Nil Nil Welspun Renewables Energy Pvt Ltd (WREPL) $ India 99.99 Nil Nil Clean Sustainable Solar Energy Private Limited (CSSEPL) $ @ India 100 Nil Nil Dreisatz Mysolar24 Private Limited (DMPL) $ @ India 73.60 Nil Nil MI Mysolar24 Private Limited (MIMPL) $ @ India 74 Nil Nil Northwest Energy Private Limited (NEPL) $ @ India 100 Nil Nil Solarsys Energy Private Limited (SEPL) $ @ ^ India 100 Nil Nil Solarsys Renewable Energy Private Limited (SREPL) $ @ India 72.50 Nil Nil Unity Power Private Limited (UPPL) $ @ India 74 Nil Nil Viraj Renewables Energy Private Limited (VREPL) $ @ India 100 Nil Nil Welspun Energy Jharkhand Private Limited (WEJPL) $ @ India 100 Nil Nil Welspun Energy Maharashtra Private Limited (WEMPL) $ @ India 100 Nil Nil Welspun Energy Rajasthan Private Limited (WERPL) $ @ India 100 Nil Nil Welspun Solar AP Private Limited (WSAPPL) $ @ India 100 Nil Nil Welspun Solar Kannada Private Limited (WSKPL) $ @ India 100 Nil Nil Welspun Solar Madhya Pradesh Private Limited (WSMPL) $ @ India 100 Nil Nil

|737| Chap. 29 – Ind AS 110 — Consolidated Financial Statements Name Country of Incorporation % voting power held as at 31st March, 2017 % voting power held as at 31st March, 2016 % voting power held as at 1st April, 2015 Welspun Solar Punjab Private Limited (WSPPL) $ @ India 100 Nil Nil Welspun Solar Rajasthan Private Limited (WSRPL) $ @ India 100 Nil Nil Welspun Solar Tech Private Limited (WSTPL) $ @ India 100 Nil Nil Welspun Solar UP Private Limited (WSUPPL) $ @ India 100 Nil Nil Welspun Urja Gujarat Private Limited (WUGPL) $ @ India 100 Nil Nil Chirasthayee Saurya Limited (CSL) (Consolidated with Tata Power solar Systems Ltd.) India 100 Nil Nil Nelco Network Products Ltd. (NNPL) (Consolidated with NELCO Ltd.) India 50.04 Nil Nil Vagarai Windfarm Limited (VWL) # @ India 100 Nil Nil Welspun Urja India Limited (WUIL) $ India 100 Nil Nil # Based on Unaudited Financial Information, certified by its Management for the year ended 31st March, 2017. $ Acquired during the year - Refer Note 45 @ Consolidated with Welspun Renewables Energy Pvt Ltd (WREPL) ^ Merged with Welspun Renewables Energy Pvt Ltd (WREPL) ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |738| Chapter 30 Ind AS 111 — Joint Arrangements 1. BHARAT PETROLEUM CORPORATION LIMITED JOINT OPERATIONS The Group has participating interest in the nature of Production Sharing Contracts (PSC) with the Government of India and/or various bodies corporate in the oil and gas blocks for exploration, development and production activities. The arrangements require unanimous consent from all parties for all relevant activities and hence it is classified as joint operations. The partners to the agreement have direct right to the assets and are jointly and severally liable for the liabilities incurred by the un-incorporated joint operation. In accordance with Ind AS 111 on “Joint Arrangements”, the financial statements of the Group includes the Group’s share in the assets, liabilities, incomes and expenses relating to joint operations based on the financial statements received from the respective operators. The income, expenditure, assets and liabilities of the joint operations are merged on line by line basis according to the participating interest with the similar items in the Financial Statements of the Company. i) In respect of Block CB/ONN/2010/8, the Company is the operator. The Company’s share of the assets and liabilities have been recorded under respective heads based on the audited statement. ii) Out of the remaining six Indian Blocks (Previous year six) the Company has received one (Previous year three) audited financial statements as at March 31, 2017 and this has been considered for the financial statements of the company. The Company has not received financial statement for five (Previous year three) blocks and expenses for these blocks are accounted based on unaudited financial statement from the operator for the period up to 31st March 2017. iii) In respect of one (Previous year one) Joint Venture block outside India, the assets, liabilities, income and expenditure have been incorporated on the basis of unaudited financial statements as on 31st March 2017. The following table provides the details of the blocks: Name Company Country Participating Interest of the Group 31/03/2017 31/03/2016 1/04/2015 Blocks in India NELP – IV CY/ONN/2002/2 (b) BPRL India 40.00% 40.00% 40.00% NELP – VI CY/ONN/2004/1 (a) BPRL India - - - CY/ONN/2004/2 20.00% 20.00% 20.00% NELP – VII RJ/ONN/2005/1 (c) BPRL India 33.33% 33.33% 33.33% NELP – IX CB/ONN/2010/11 BPRL India 25% 25% 25% AA/ONN/2010/3 BPRL India 20% 20% 20% CB/ONN/2010/8 BPRL India 25% 25% 25% MB/OSN/2010/2 (d) BPRL India 20% 20% 20%

|739| Chap. 30 – Ind AS 111 — Joint Arrangements Name Company Country Participating Interest of the Group 31/03/2017 31/03/2016 1/04/2015 Discovery of New field* CY/ONDSF/ BPRL India KARAIKAL/2016 BPRL India 100% - - RJ/ONDSF/BAKHRI TIBBA/2016 BPRL India 100% - - RJ/ONDSF/ SADEWALA/2016 BPRL India 100% - - MB/OSDF/B15/2016 BPRL India 100% - - MB/OSDF/B127E/2016 BPRL India 100% - - *Allotted on 27 March 2017 Blocks outside India JPDA 06-103 (e) BPRL JPDA Australia/ Timor - - - EP-413 BPRL Australia 27.80% 27.80% 27.80% Mozambique Rovuma Basin (h) BPRL Ventures Mozambique B.V. Mozambique 10.00% 10.00% 10.00% Nunukan PSC, Tarakan Basin BPRL Ventures Indonesia B.V. Indonesia 12.50% 12.50% 12.50% The table below provides summarized financial information of the company’s share of assets, liabilities, income and expenses in the joint operations. 2. GRASIM INDUSTRIES LIMITED CLASSIFICATION OF MADANPUR (NORTH) COAL COMPANY LIMITED AS INVESTMENT IN AN ASSOCIATE A Joint Venture Company (JV), “Madanpur (North) Coal Company Limited”, was formed by allocatees of Madanpur North Coal Block. Accordingly, under the previous GAAP, Madanpur (North) Coal Company Limited was considered as Joint Venture (JV) in the books of UltraTech Cement Limited (‘UltraTech’) and accounted under the proportionate consolidation method. As per Ind AS 111, when all the parties, or a group of parties, considered collectively, are able to direct the activities that significantly affect the returns of the arrangement (i.e., the relevant activities), the parties control the arrangement collectively. Also, joint control exists only when decisions about the relevant activities require the unanimous consent of all the parties. In terms of the JV agreement between the parties, each JV partner has the right to nominate one director on the Board of Joint Venture Company and major decisions shall be taken by a majority of 75% of the directors present. Since there is no unanimous consent required from the parties, in the judgement of the management, UltraTech does not have joint control over the JV. However, considering UltraTech’s representation in the Board and the extent of its ability to exercise the influence over the decision over the relevant activities, the JV has been considered as an associate and accounted under the equity method. 3. JSW ENERGY LIMITED INTEREST IN JOINT OPERATIONS A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |740| When a group entity undertakes its activities under joint operations, the group as a joint operator recognises following in relation to its interest in joint operations: • its assets and liabilities, including its share of any assets or liabilities held jointly; • its revenue from the sale of its share of output arising from the joint operation; • its share of the revenue from the sale of the output by the joint operation; and • its expenses, including it share of any expenses incurred jointly. The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the Ind AS applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the group is considered to be conducting the transaction with the other parties to the joint operations, and gains and losses resulting from the transactions are recognised in the group’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the group entity transacts with a joint operation in which a group is a joint operator (such as purchase of assets), the group does not recognise its share of the gains and losses until it resells those assets to a third party. 4. LARSEN & TOUBRO LIMITED INTERESTS IN JOINT OPERATIONS When the Group has joint control of the arrangement based on contractually determined right to the assets and obligations for liabilities, it recognises such interests as joint operations. Joint control exists when the decisions about the relevant activities require unanimous consent of the parties sharing the control. In respect of its interests in joint operations, the Group recognises its share in assets, liabilities, income and expenses line-by-line in the standalone financial statements of the entity which is party to such joint arrangement which then becomes part of the consolidated financial statements of the Group when the financial statements of the Parent Company and its subsidiaries are combined for consolidation. Interests in joint operations are included in the segments to which they relate. 5. OBEROI REALTY LIMITED JOINT VENTURE The Group holds as on March 31, 2016 50% (April 01, 2015: 50%) interest in Aion Realty LLP, in Saldanha Realty And Infrastructure LLP, in I-Ven Realty Limited, in Siddhivinayak Realties Private Limited, 31.67% (April 01, 2015: 31.67%) in Sangam City Township Private Limited, 33% (April 01, 2015: 33%) in Metropark Infratech And Realty Developments Private Limited, 27% (April 01, 2015: 25%) in Oasis Realty and 50% in Shri Siddhi Avenues LLP. Under previous Indian GAAP, the Group had proportionately consolidated its interest in the said entities in the Consolidated Financial Statement. On transition to Ind AS, the Group has assessed and determined that the said entities are its Joint Ventures (JV’s) under Ind AS 111 Joint Arrangements. Therefore, it needs to be accounted for using the equity method as against proportionate consolidation. For the application of equity method, the initial investment is measured as the aggregate of Ind AS amount of assets and liabilities that the Group had previously proportionately consolidated including any goodwill arising on acquisition. Derecognition of proportionately consolidated JVs has resulted in change in balance sheet, statement of profit and loss and cash flow statement. 6. ONGC LIMITED The Company has 12.50% equity interest in PLL. It was classified as Joint Venture in Previous GAAP, however, in terms of Para 7 of Ind AS 111 “Joint Arrangements”, unanimous consent of all promoters is

|741| Chap. 30 – Ind AS 111 — Joint Arrangements not required in relevant activities in PLL and therefore PLL is not classified as Joint Venture. The Company has significant influence on PLL by way of having right to appoint a director in PLL and participate in its business decisions, therefore the same has been classified as an Associate of the Company. 12.1.4. Details and financial information of Joint Ventures Name of joint venture Principal activity Place of incorporation and principal place of business Proportion of ownership interest/ voting rights held by the Company As at March 31, 2017 As at March 31, 2016 As at April 1, 2015 Petronet MHB Limited Multi products Pipeline India 32.72% 28.77% 28.77% Mangalore SEZ Limited Special Economic Zone India 26.82% 26.82% 26.82% ONGC Petro Additions Limited (Note 12.1.4.b, c & d) Petrochemicals India 49.36% 49.36% 49.36% ONGC Teri Biotech Limited Bioremediation India 49.98% 49.98% 49.98% ONGC Tripura Power Company Limited Power Generation India 50.00% 50.00% 49.52% Dahej SEZ Limited Special Economic Zone India 50.00% 50.00% 50.00% Shell MRPL Aviation Fuels and Services Limited Trading of aviation fuels India 50.00% 50.00% 50.00% Mangalam Retail Services Limited Distribution of petroleum products through retail outlet and transport terminal India - 49.98% 49.98% ONGC Mittal Energy Limited Exploration and Production of hydrocarbons Incorporated in Cyprus having operations in Syria 49.98% 49.98% 49.98% Mansarovar Energy Colombia Limited Exploration and Production of hydrocarbons Incorporated in Colombia 50% 50% 50% Himalaya Energy Syria BV Exploration and Production of hydrocarbons Incorporated in Amsterdam having operations in Syria 50% 50% 50% a) Refer Note 3.7 for method followed for accounting of investment in Joint Ventures. b) The Company is restrained from diluting the investment in the respective companies till the sponsored loans are fully repaid as per the covenants in the respective loan agreements of the respective companies. c) During 2015-16, the Company had subscribed Share Warrants of ONGC Petro Additions Limited, entitling the company to exchange each warrant with Equity Share of Face Value of ` 10/- each after a balance payment of ` 0.25/- per equity share within forty-eight months of subscription of the Share warrants issued on August 25, 2015.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |742| 7. RELIANCE INFRASTRUCTURE LIMITED JOINT ARRANGEMENTS Under Ind AS 111 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Parent Company has both joint operations and joint ventures. Joint operations Parent Company recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the Consolidated Financial Statements under the appropriate headings. Joint ventures Interests in joint ventures are accounted for using the equity method (see (iv) below), after initially being recognised at cost in the consolidated balance sheet. 8. VEDANTA LIMITED JOINT ARRANGEMENTS A Joint arrangement is an arrangement of which two or more parties have joint control. Joint control is considered when there is contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint arrangements are classified as either joint operations or joint venture. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. ll

|743| Chap. 31 – Ind AS 112 — Interest in other entities Chapter 31 Ind AS 112 — Interest in other Entities 1. ADANI ENTERPRISES LIMITED Summarised Financial Position of Group’s Investment in Joint Ventures & Associates in Note 49. 49 Pursuant to Ind AS 31 – Financial Reporting of Interests in Joint Venture, the disclosures relating to the Joint Ventures are as follows : (a) Jointly Controlled Assets (i) The Group jointly with other parties to the joint venture, have been awarded two onshore oil & gas blocks at Palej and Assam by Government of India through NELP-VI bidding round, has entered into Production Sharing Contracts (PSC) with Ministry of Petroleum and Natural Gas for exploration of oil and gas in the aforesaid blocks. Naftogaz India Pvt. Ltd. (NIPL) being one of the parties to consortium was appointed as operator of the blocks vide Joint Operating Agreements (JOAs) entered into between parties to consortium. The expenditures related to the activities in the blocks were incurred by Adani Group, Welspun Group or through its joint venture Adani Welspun Exploration Ltd. The details of the blocks are stated below: Jointly Controlled Assets Company’s Participating Interest % Other Partners Other Partner’s Participating Interest % CB-ONN-2004/5 Block Palej 55% Welspun Natural Resources Ltd 35% NAFTOGAZ India Pvt. Ltd. 10% Government of India has issued a notice intimating the termination of the Production Sharing Contracts (PSCs) in respect of the Assam and Palej blocks purportedly due to misrepresentation made by the operator of the blocks - NIPL. The Company has contested the termination and in accordance with the provisions of the PSC has urged the Government to allow it to continue the activities in Palej block. The financial statements of the Group reflect its share of Assets and Liabilities of the jointly controlled assets which are accounted on a line to line basis with similar items in the Group’s accounts to the extent of participating interest of the Company as per the various joint venture agreements, in compliance of Ind AS 31. The summary of the Group’s share in Assets & Liabilities of unincorporated joint ventures are as follow: (` in Crores) Particulars CB-ONN-2004/5-Palej As at 31st March, 2017 As at 31st March, 2016 Property, Plant & Equipment 0.08 0.08 Capital Work-in-Progress 94.64 94.79 Intangible Assets 0.69 0.69 Other Current Assets * * Cash & Cash Equivalents * * Other Non-Current Assets 0.01 0.01 95.43 95.58 Capital Contributions 92.84 92.99 Other Current Liabilities 2.59 2.59 95.43 95.58 (Amounts below ` 50,000/- denoted as *)

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |744| (ii) One of the group company is having a portfolio of four offshore blocks, wherein the Company is operator in two blocks, and in the balance it is acting as a non operator. Jointly Controlled Assets One of the group company’s Participating Interest % MB-OSN-2005/2 100% GK-OSN-2009/1 (Operated by ONGC) * 20% GK-OSN-2009/2 (Operated by ONGC) 30% MB/OSDSF/B9/2016 # 100% * 25% after exit of GSPC from Appraisal Phase, GSPC having the right for subsequent farm in. # New Block awarded to company by Government of India under Discovered Small Field Bid Round 2016 (iii) The Group has entered into Joint Venture Agreement in the nature of Production Sharing Contracts (PSC) with the Government of India, Oil & Natural Gas Corporation Ltd (ONGC), Indian Oil Corporation Ltd (IOCL) and Gujarat State Petroleum Corporation Ltd (GSPCL) for two offshore blocks GK-OSN-2009/1 & GK-OSN-2009/2 located in Gulf of Kutchh. The PSC for the blocks were signed on August 5,2010 . The Company holds 20% participating interest in Block GK-OSN-2009/1 (25% for Appraisal Phase after exit of GSPC from Appraisal phase) and 30% participating interest in Block GKOSN-2009/2. The group company’s share of the Assets and Liabilities of the Jointly Controlled Assets for the year ended March 31, 2017 are as follows : (` in Crores) Particulars GK-OSN-2009/1 GK-OSN-2009/2 As at 31st March, 2017 As at 31st March, 2016 As at 31st March, 2017 As at 31st March, 2016 Current Assets 0.07 0.07 0.07 0.11 Current Liabilities (0.04) - (0.04) - Exploratory Work In Progress 65.48 51.36 110.45 89.06 Directorate General of Hydrocarbons has notified hydrocarbon discoveries in respect of both the Kutchh blocks (GK- OSN-2009/1 and GK-OSN-2009/2). In order to assess the full potential of the blocks, the Consortium has decided to move into appraisal phase of the PSC and not to extend further the first exploration period of the first phase. All the JV related expenditure has been shown under “Capital Work In Progress’’ and in the case of an oil or gas discovery, the same will be allocated / transferred to the producing property. (iv) The first exploratory phase of Mumbai Block, after considering the extension period as granted by the Directorate General of Hydrocarbons (DGH) was expired on 29th April, 2015. The subsidiary company has already exercised its option for entering into Exploration Phase II vide its letter dated 27th April, 2015. DGH has communicated to the subsidiary company that the same is awaiting approval from MoPNG. (b) Interest in Other Entities The Group has invested in under mentioned joint venture and associate entities and are consolidated as per equity method of accounting. These entities are in the nature of closely held entities & are not listed on any public exchange. The following table illustrates the summarised financial information of the Group’s investment in various entities: Name of Joint Venture/Associate Country of Incorporation Percentage Ownership 31-Mar-17 31-Mar-16 1-Apr-15 Adani Wilmar Ltd. (Consolidated) India 50% 50% 50% Adani Wilmar Pte Ltd.; (Consolidated) Singapore 50% 50% 50%

|745| Chap. 31 – Ind AS 112 — Interest in other entities Name of Joint Venture/Associate Country of Incorporation Percentage Ownership 31-Mar-17 31-Mar-16 1-Apr-15 Adani Murmugao Port Terminal Pvt Ltd India - 26% 26% Adani Kandla Bulk Terminal Pvt Ltd India - 26% 26% Indian Oil-Adani Gas Pvt Ltd India 50% 50% 50% CSPGCL AEL Parsa Collieries Ltd India 49% 49% 49% Adani Renewable Energy Park Rajasthan Ltd India 25.50% 25.50% - Adani-Elbit Advance Systems India Ltd India 51% - - Vishakha Industries Pvt Ltd India 50% 50% 50% GSPC LNG Ltd India 31.17% 31.17% 31.17% Adani Green Energy Pte Ltd Singapore 51% - - Summarised Financial Position of Group's Investment in Joint Ventures & Associates (` in Crores) Particulars Adani Wilmar Ltd - Consolidated Adani Wilmar Pte. Ltd. - Consolidated Indian Oil-Adani Gas Pvt Ltd Adani Renewable Energy Park Rajasthan Ltd 31-Mar-17 31-Mar-16 1-Apr-15 31-Mar-17 31-Mar-16 1-Apr-15 31-Mar-17 31-Mar-16 1-Apr-15 31-Mar-17 31-Mar-16 1-Apr-15 Non Current Assets (A) 2,233.89 2,142.05 1,981.08 743.02 112.96 84.94 400.67 211.16 60.77 80.27 8.36 - Current Assets i) Cash & Cash Equivalents 52.13 41.78 35.29 125.19 93.32 87.72 21.80 2.10 * 79.57 0.11 - ii) Others 5,139.18 4,311.87 3,308.16 77.85 361.42 237.13 35.79 17.52 0.91 18.88 0.51 - Total Current Assets (B) 5,191.31 4,353.65 3,343.45 203.04 454.74 324.85 57.59 19.62 0.91 98.45 0.62 - Total Assets (A+B) 7,425.20 6,495.70 5,324.53 946.06 567.70 409.79 458.26 230.78 61.68 178.72 8.98 - Non Current Liabilities i) Financial Liabilities 609.79 777.38 805.56 - - - 265.77 98.24 - 78.59 - - ii) Non Financial Liabilities 141.86 96.93 132.60 - - 72.17 0.28 0.02 - 15.63 0.04 - Total Non Current Liabilities (A) 751.65 874.31 938.16 - - 72.17 266.05 98.26 - 94.22 0.04 - Current Liabilities i) Financial Liabilities 5,228.61 4,463.19 3,298.46 812.22 350.66 195.45 33.77 34.39 39.63 4.67 8.96 - ii) Non Financial Liabilities 123.92 96.46 77.44 1.06 114.57 96.77 2.27 0.81 0.30 0.30 0.09 - Total Current Liabilities (B) 5,352.53 4,559.65 3,375.90 813.28 465.23 292.22 36.04 35.20 39.93 4.97 9.05 - Total Liabilities (A+B) 6,104.18 5,433.96 4,314.06 813.28 465.23 364.39 302.09 133.46 39.93 99.19 9.09 - Total Equity (Net Assets) 1,321.02 1,061.74 1,010.47 132.78 102.47 45.40 156.17 97.32 21.75 79.53 (0.11) - (Amounts below H50,000/- denoted as *)

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |746| 2. ATUL LIMITED INTERESTS IN OTHER ENTITIES a) Subsidiary companies The subsidiary companies of the Group at March 31, 2017 are set out below. Unless otherwise stated, they have share capital consisting solely of equity shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Name of entity Principal activities Place of business/ country of incorporation Ownership interest held by the Group Ownership interest held by the non-controlling interest March 31, 2017 March 31, 2016 April 01, 2015 March 31, 2017 March 31, 2016 April 01, 2015 % % % % % % Aasthan Dates Ltd. Agriculture India 100 100 100 – – – Amal Ltd. Chemical India 36.74 – – 63.26 – – Anchor Adhesives Private Ltd. Chemical India 100 100 51 – – 49 Atul Aarogya Ltd. Health Care India 100 100 100 – – – Atul Ayurveda Ltd. Ayurvedic India 100 100 100 – – – Atul Bioscience Ltd. Chemical India 100 100 100 – – – Atul Biospace Ltd. Agriculture India 100 100 100 – – – Atul Brasil Qumicos Ltd.a Chemical Brasil 100 100 100 – – – Atul China Ltd. Chemical China 100 100 100 – – – Atul Clean Energy Ltd. Energy India 100 100 100 – – – Atul Crop Care Ltd. Agriculture India 100 100 100 – – – Atul Deutschland GmbH Chemical Germany 100 100 100 – – – Atul Elkay Polymers Ltd. Polymers India 100 100 100 – – – Atul Entertainment Ltd. Entertainment India 100 100 100 – – – Atul Europe Ltd. Chemical Investment UK 100 100 100 – – – Atul Finserv Ltd. Company India 100 100 100 – – – Atul Finresource Ltd. Finance India 100 100 100 – – – Atul Hospitality Ltd. Hospitality India 100 100 100 – – – Atul Infotech Private Ltd. Information Technology India 100 100 100 – – – Atul Middle East FZ-LLC Chemical UAE 100 100 100 – – – Atul Nivesh Ltd. Investment Company India 100 100 100 – – – Atul Rajasthan Date Palms Ltd. Agriculture India 74 74 74 26 26 26 Atul (Retail) Brands Ltd. Retail India 100 100 100 – – – Atul Seeds Ltd. Agriculture India 100 100 100 – – – Atul USA Inc. Chemical USA 100 100 100 – – – Biyaban Agri Ltd. Agriculture India 100 100 100 – – – DPD Ltd. Agriculture UK 98 98 98 2 2 2 Jayati Infrastructure Ltd. Infrastructure India 100 100 100 – – – Lapox Polymers Ltd. Polymers India 100 100 100 – – – Osia Dairy Ltd. Dairy India 100 100 100 – – – Osia Infrastructure Ltd. Infrastructure India 100 100 100 – – – Raja Dates Ltd. Agriculture India 100 100 100 – – –

|747| Chap. 31 – Ind AS 112 — Interest in other entities i) Significant judgment: consolidation of entities with less than 50% voting interest The Management has concluded that the Group controls certain entities (refer Note 29.18), even though it holds less than half of the voting rights of these subsidiary companies. This is because the Group Board of these entities comprises of Key Management Personnel of Atul Ltd. Atul Ltd. directs the relevant activities (procurement, production and marketing) of Anchor Adhesives Pvt. Ltd. by virtue of a Shareholders’ Agreement. This Agreement also grants Atul Ltd. the right to appoint, reassign or remove Key Management Personnel comprising of Chief Executive Officer and Chief Financial Officer of Anchor Adhesives Pvt. Ltd. and to establish and approve its financial and operating budgets. For significant judgements pertaining to control over Amal Ltd., refer Note 29.17. b) Non-controlling interests (NCI) Set out below is summarised financial information for each subsidiary company that has non-controlling interests that are material to the Group. The amounts disclosed for each subsidiary company are before inter-company eliminations. Summarised Balance Sheet Amal Ltd. As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 Current assets 10.12 – – Current liabilities 12.04 – – Net current assets (1.92) – – Non-current assets 27.90 – – Non-current liabilities 5.93 – – Net non-current assets 21.97 – – Net assets 20.05 – – Accumulated NCI 12.68 – – Summarised Statement of Profit and Loss Amal Ltd. 2016-17 2015-16 Revenue 8.12 – Profit for the year 0.35 – Other Comprehensive Income 0.01 – Total Comprehensive Income 0.36 – Profit allocated to NCI 0.23 – Dividends paid to NCI – – Summarised cash flows Amal Ltd. 2016-17 2015-16 Cash flows from operating activities 4.14 – Cash flows from investing activities (1.47) – Cash flows from financing activities (1.16) – Net increase|(decrease) in cash and cash equivalents 1.51 – c) Transactions with non-controlling interest The Group acquired additional stake of 49% in Anchor Adhesives Pvt. Ltd. Immediately prior to the purchase, the carrying amount of the existing 49% non-controlling interest was ` 0.19 cr. The Group recognised a decrease in non-controlling interests of ` 0.19 cr and decrease in equity attributable to owners of the parent of ` 1.89 cr. The effect on the equity attributable to the owners of the Company during the year is summarised as follows: Particulars As at March 31, 2017 As at March 31, 2016 Carrying amount of non-controlling interests acquired – 0.19 Consideration paid to non-controlling interests – 2.08 Excess of consideration paid recognised in retained earnings within equity – 1.89

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |748| There were no transactions with non-controlling interests in 2017, no other transactions with non-controlling interest in 2016. d) Interests in associate company and joint venture company accounted using the equity method (` in Crores) Name of entity Place of business / country of incorporation % of ownership interest Relationship Quoted fair value Carrying amount As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 As at March 31, 2017 As at March 31, 2016 As at April 1, 2015 Amal Ltd. India 36.74% Associate Joint venture – 7.56 6.05 – – – Rudolf Atul Chemicals Ltd. India 50.00% * * * 10.00 14.31 10.55 Total 10.00 14.31 10.55 Amal Ltd. Amal Ltd. is a manufacturer of bulk chemicals. For restriction on ability to transfer funds, refer Note 29.17. Rudolf Atul Chemicals Ltd. The Group acquired 50% interest in Rudolf Atul Chemicals Ltd. (RACL), a joint venture company in India between IB Industriechemie Beteiligungs GmbH (Germany) and Atul Ltd., on August 18, 2011. RACL is engaged in the business of manufacturing and marketing textile chemicals. As per the contractual arrangement between the shareholders of RACL, both the companies have significant participating rights such that they jointly control the operations of the joint venture company. i) Commitments and contingent liabilities in respect of associate company and joint venture company (` in Crores) Particulars As at March 31, 2017 As at March 31, 2016 As at April 1, 2015 Contingent liabilities of associate company – 0.98 0.99 Share in contingent liabilities in respect of disputed demands for income tax of joint venture company 0.73 0.73 0.73 Total commitments and contingent liabilities 0.73 1.71 1.72 ii) Summarised financial information for associate company and joint venture company The tables below provide summarised financial information for those joint venture company and associate company that are material to the Group. The information disclosed reflects the amounts presented in the Financial Statements of the relevant associate company and joint venture company and not Atul Ltd. share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments made at the time of acquisition and modifications for differences in Accounting Policies. (` in Crores) Summarised Balance Sheet Rudolf Atul Chemicals Ltd. Amal Ltd. As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 Current assets Cash and cash equivalents 7.57 4.67 7.57 * * * Other assets 26.38 29.74 17.55 * * * Total current assets 33.95 34.41 25.12 – 2.14 2.37 Total non-current assets 6.40 5.59 5.11 – 6.71 6.60 Current liabilities

|749| Chap. 31 – Ind AS 112 — Interest in other entities (` in Crores) Summarised Balance Sheet Rudolf Atul Chemicals Ltd. Amal Ltd. As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 Financial liabilities (excluding trade payables) 9.15 0.06 0.10 * * Other Liabilities 8.07 8.79 7.15 * * Total current liabilities 17.22 8.85 7.25 – 4.27 7.25 Non-current liabilities Financial liabilities (excluding trade payables) 2.67 2.39 1.89 * * * Other Liabilities 0.12 – – * * * Total non-current liabilities 2.79 2.39 1.89 – 14.59 13.11 Net assets 20.34 28.76 21.09 – (10.01) (11.39) * These indicate disclosures not required for investment in associate company (` in Crores) Reconciliation to carrying amounts Rudolf Atul Chemicals Ltd. Amal Ltd. As at March 31, 2017 As at March 31, 2016 As at March 31, 2017 As at March 31, 2016 Opening net assets 28.61 21.09 – – Profit for the year 9.33 8.93 – – Other Comprehensive Income (0.03) – – – Dividends paid (17.92) (1.41) – – Closing net assets 19.99 28.61 – – Share of Group in % 50% 50% 36.74% 36.74% Share of Group in ` 10.00 14.31 – – Carrying amount 10.00 14.31 Summarised Statement of Profit and Loss (` in Crores) Reconciliation to carrying amounts Rudolf Atul Chemicals Ltd. Amal Ltd. As at March 31, 2017 As at March 31, 2016 As at March 31, 2017 As at March 31, 2016 Revenue 73.11 67.14 – 25.89 Interest income 0.93 – * * Depreciation and amortisation 0.32 0.26 * * Interest expense 0.12 0.10 * * Income tax expense 5.11 4.80 * * Profit for the year 9.33 8.93 – 1.35 Other Comprehensive Income (0.03) – – 0.01 Total Comprehensive Income 9.30 8.93 – 1.36 Dividends received 8.96 0.71 – – * These indicate disclosures not required for investment in associate company 3. BIOCON LIMITED 42. INTEREST IN OTHER ENTITIES (a) Subsidiaries The Group’s subsidiaries as at March 31, 2017 are set out below. Unless otherwise stated, they have share capital consisting solely of equity shares that are held by the Group, and proportion of ownership interests

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |750| held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Name of entity Country of incorporation Ownership interest held by the group Ownership interest held by the non-controlling interest Principal activities March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 01, 2015 % % % % % % Syngene International Limited India 73.5 73.5 84.5 26.5 26.5 15.5 Research services Biocon Research Limited India 100.0 100.0 100.0 - - - Research and development Biocon Pharma Limited India 100.0 100.0 100.0 - - - Biopharmaceutical manufacturing Biocon Biologics India Limited India 100.0 Nil Nil - - - Biopharmaceutical manufacturing Biocon Academy India 100.0 100.0 100.0 - - - Not for profit organisation Biocon SA Switzerland 100.0 100.0 100.0 - - - Research and development Biocon Sdn Bhd Malaysia 100.0 100.0 100.0 - - - Biopharmaceutical manufacturing Bio-con Biologics Limited United Kingdom 100.0 100.0 Nil - - - Sale of biosimilar products Biocon Pharma Inc. United States 100.0 100.0 Nil - - - Sale of pharmaceutical products Biocon FZ LLC. Dubai 100.0 100.0 Nil - - - Trading of biopharmaceutical products (b) Non-controlling interests Below is the summarised financial information for Syngene International Limited that has non-controlling interests that is material to the Group. The amounts disclosed for the subsidiary are before inter-company eliminations. Summarised balance sheet (` in Crores) Particulars March 31, 2017 March 31, 2016 April 1, 2015 Non-current assets 12,507 10,208 8,145 Current assets 15,231 3,347 5,535 Total assets 27,738 23,555 13,680 Non-current liabilities 7,614 7,968 971 Current liabilities 5,993 5,340 4,752 Total liabilities 13,607 13,308 5,723 Net assets 14,131 10,247 7,957 Accumulated non-controlling interest 3,761 2,658 1,121 Summarised statement of profit and loss Particulars March 31, 2017 March 31, 2016 Revenue from operations 12,009 11,070 Profit for the year 2,873 2,408 Other comprehensive income 848 6 Total comprehensive income 3,721 2,414 Total comprehensive income allocated to non-controlling interests 984 589 Dividends paid to non-controlling interests - 53

|751| Chap. 31 – Ind AS 112 — Interest in other entities Summarised statement of cash flows Particulars March 31, 2017 March 31, 2016 Cash flows from/ (used in) operating activities 3,977 3,081 Cash flows from/ (used in) investing activities (4,691) (7,512) Cash flows from/ (used in) financing activities (808) 7,161 Net increase/ (decrease) in cash and cash equivalents (1,522) 2,730 (c) Interest in joint venture The Group had only one joint venture in the name of NeoBiocon FZ LLC (“NeoBiocon”), incorporated in Dubai as at March 31, 2017 holding 49% (March 31, 2016 - 51%) of the equity stake and accounted for using the equity method. In the opinion of the directors is material to the Group. NeoBiocon has share capital solely consisting of equity shares, which are held directly by ownership interest in the same proportion of voting rights held. Summarised balance sheet of NeoBiocon is as follows: (` in Crores) March 31, 2017 March 31, 2016 April 01, 2015 Non-current assets 14 20 7 Current assets 1,266 878 1,032 Total assets 1,280 898 1,039 Non-current liabilities 34 25 16 Current liabilities 299 235 204 Total liabilities 333 260 220 Net assets 947 638 819 Percentage ownership interest 49% 51% 51% Accumulated Group’s share of net assets 422 259 384 Summarised statement of profit and loss of NeoBiocon Particulars March 31, 2017 March 31, 2016 Revenue from operations 1,250 1,196 Profit for the year 333 425 Other comprehensive income - - Total comprehensive income 333 425 Share of profits from joint venture 163 217 Dividends received - 342 4. EIH LIMITED (OBEROI HOTELS) 50 INTERESTS IN OTHER ENTITIES (a) Subsidiaries The group’s subsidiaries at March 31, 2017 are set out below. Unless otherwise stated, they have share capital consisting solely of equity shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business. Name of entity Place of business/ country of incorporation Ownership interest held by the group Ownership interest held by noncontrolling interests Principal activities March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 Mashobra Resort Limited India 78.79 78.79 78.79 21.21 21.21 21.21 Hotel Ownership Mumtaz Hotels Ltd India 60 60 60 40 40 40 Hotel Ownership Oberoi Kerala Hotels & Resorts Ltd *** India 80 80 80 20 20 20 Hotel Ownership

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |752| Name of entity Place of business/ country of incorporation Ownership interest held by the group Ownership interest held by noncontrolling interests Principal activities March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 EIH International Ltd British Virgin Island 100 100 100 0 0 0 Investment EIH Flight Services Ltd Mauritius 100 100 100 0 0 0 Flight Catering EIH Holding Ltd British Virgin Island 100 100 100 0 0 0 Hotel Investment And Management EIH Marrakech Limited* British Virgin Island 100 100 100 0 0 0 Investment PT Widja Putra Karya Indonesia 70 70 70 30 30 30 Hotel Ownership PT Waka Oberoi Indonesia Indonesia 83.33 83.33 83.33 16.67 16.67 16.67 Hotel Ownership J&W Hong Kong Limited Hong Kong 100 100 100 0 0 0 Investment EIHH Corporation Ltd** Hong Kong 100 100 100 0 0 0 Investment EIH Investment N.V. Netherlands Antilles 100 100 100 0 0 0 Investment And Management EIH Management Services B.V. Netherlands 100 100 100 0 0 0 Hotel Investment And Management PT Astina Graha Ubud *** Indonesia 60 60 60 40 40 40 Hotel development * EIH Marrakech has been liquidated in 15-16 ** EIHH Corporation Ltd has been liquidated in 16-17 *** Oberoi Kerala Hotels & Resorts Ltd and PT Astina Graha Ubud are yet to commence operations (b) Non-controlling interests (NCI) Rupees Million Summarised balance sheet Mashobra Resort Ltd Mumtaz Hotels Ltd Oberoi Kerala Hotels & Resorts Ltd PT Widja Putra Karya PT Waka Oberoi Indonesia PT Astina Graha Ubud March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 Current assets 899.93 727.49 540.03 479.71 465.71 374.50 1.99 1.62 0.37 127.44 109.25 156.50 108.13 97.82 81.51 - - - Current liabilities 31.61 46.87 35.38 127.73 119.19 92.94 1.92 1.54 0.39 92.55 72.81 56.65 1,735.91 1,785.64 1,679.04 - - - Net current assets 868.32 680.62 504.66 351.98 346.51 281.56 0.07 0.08 (0.02) 34.89 36.44 99.85 (1,627.78) (1,687.82) (1,597.53) - - - Noncurrent assets 604.27 609.16 662.54 688.78 710.33 731.22 20.33 20.33 20.33 195.78 199.95 154.30 53.05 65.61 69.08 391.92 405.41 382.99 Noncurrent liabilities 7.90 0.77 7.84 138.10 136.39 133.18 1.42 1.44 1.46 39.07 36.28 24.91 18.46 16.27 7.93 226.48 234.27 221.32 Net noncurrent assets 596.37 608.38 654.70 550.68 573.94 598.03 18.91 18.89 18.87 156.71 163.67 129.39 34.59 49.33 61.15 165.44 171.13 161.67 Net assets 1,464.68 1,289.01 1,159.35 902.66 920.45 879.59 18.98 18.97 18.84 191.61 200.11 229.24 (1,593.19) (1,638.49) (1,536.38) 165.44 171.13 161.67 Accumulated NCI 31.15 - - 599.21 606.05 - 3.79 3.79 - 57.48 60.03 68.77 (1.53) (1.88) - 66.18 68.45 64.67

|753| Chap. 31 – Ind AS 112 — Interest in other entities Summarised statement of profit & loss Mashobra Resort Ltd Mumtaz Hotels Ltd Oberoi Kerala Hotels & Resorts Ltd PT Widja Putra Karya PT Waka Oberoi Indonesia PT Astina Graha Ubud March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Revenue 511.88 457.00 1,015.01 966.38 0.74 0.75 469.23 467.92 195.38 201.77 - - Profit for the year 177.69 128.03 293.57 289.99 0.01 0.13 17.10 22.00 (9.47) (5.34) - - Other comprehensive income (0.04) (0.35) (0.67) (0.60) - - (5.64) (3.30) (0.23) 2.07 - - Total comprehensive income 177.64 127.69 292.90 289.39 0.01 0.13 11.45 18.70 (9.70) (3.27) - - Profit allocated to NCI 31.15 - 117.42 116.00 - - (2.55) (8.74) 0.35 (1.88) - Dividends paid to NCI - - 124.27 99.42 - - - - - Summarised Cash Flows Mashobra Resort Ltd Mumtaz Hotels Ltd Oberoi Kerala Hotels & Resorts Ltd PT Widja Putra Karya PT Waka Oberoi Indonesia PT Astina Graha Ubud March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Cash flows from operating activities 123.50 143.83 297.77 312.54 (0.56) (0.67) 62.45 40.00 (11.90) 18.96 - - Cash flows from investing activities (130.50) (129.29) (223.50) 7.20 0.64 0.63 (26.34) (45.15) (9.41) (10.48) - - Cash flows from financing activities (1.60) (1.84) (312.94) (249.99) - - (13.39) (52.25) - - - - Net increase/ (decrease) in cash and cash equivalents (8.60) 12.69 (238.67) 69.75 0.07 (0.04) 22.72 (57.40) (21.31) 8.48 - - (c) Interests in associates and joint ventures ` in Million Name of entity Place of business Ownership interest Relationship Accounting method Quoted fair value Carrying amount March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 EIH Associated Hotels Ltd India 36.81% Associate Equity Method 3,925.29 3,252.38 2,489.76 1,628.80 1,495.78 1,423.24 Mercury Car Rentals Pvt. Ltd* India 40% Jointly Controlled Entity Equity Method - - - 416.66 395.82 267.55 Oberoi Mauritius Ltd* British Virgin Islands 50% Jointly Controlled Entity Equity Method - - - 280.00 358.63 317.51 Total equity accounted investments 3,925.29 3,252.38 2,489.76 2,325.46 2,250.23 2,008.30 * Oberoi Mauritius Ltd & Mercury Car Rentals Pvt. Ltd are unlisted entities. Hence, no quoted price available. Oberoi Mauritius Ltd includes its 92.19% subsidiary company Island Resort Limited incorporated in Mauritius and is considered as jointly controlled entity by virtue of being jointly controlled entity of EIH International Ltd, a wholly owned subsidiary of EIH Limited. Commitments and contingent liabilities in respect of associates and joint ventures March 31, 2017 March 31, 2016 April 1, 2015 Commitments - joint ventures Commitment to provide funding for joint venture’s capital commitments, if called - - -

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |754| March 31, 2017 March 31, 2016 April 1, 2015 Contingent liabilities - associates Share of contingent liabilities incurred jointly with other investors of the associate - - - Contingent liabilities relating to liabilities of the associate for which the group is severally liable - - - Contingent liabilities - joint ventures Share of joint venture’s contingent liabilities in respect of a legal claim lodged against the entity 12.03 94.39 80.24 Total commitments and contingent liabilities 12.03 94.39 80.24 Summarised financial information for associates and joint ventures ` in Million Summarised balance sheet EIH Associated Hotels Ltd Mercury Car Rentals Pvt. Ltd Oberoi Mauritius Ltd Island Resort Limited March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016 April 1, 2015 Current assets Cash and cash equivalents 99.16 31.45 72.06 27.34 37.88 30.30 25.39 27.04 27.81 479.78 489.04 353.25 Other assets 437.64 210.33 188.62 379.97 326.31 225.92 - - - 62.46 70.84 61.81 Total current assets 536.81 241.78 260.68 407.32 364.19 256.22 25.39 27.04 27.81 542.24 559.88 415.06 Total noncurrent assets 2,684.49 2,788.41 2,800.51 4,552.85 3,993.66 2,746.81 938.54 970.85 917.16 535.82 582.56 567.88 Current liabilities Financial liabilities (excluding trade payables) 11.97 353.29 429.80 1,682.79 1,416.58 871.80 - - - - - - Other liabilities 123.17 110.26 77.26 71.47 77.85 64.59 - - - - - - Total current liabilities 135.14 463.55 507.07 1,754.26 1,494.43 936.39 - - - - - - Non-current liabilities Financial liabilities (excluding trade payables) 12.78 10.52 209.54 2,252.41 1,990.40 1,478.85 - - - 67.95 67.03 51.87 Other liabilities 217.81 139.80 96.58 77.51 41.19 47.75 - - - - - - Total noncurrent liabilities 230.58 150.32 306.12 2,329.92 2,031.58 1,526.60 - - - 67.95 67.03 51.87 Net assets 2,855.58 2,416.32 2,248.00 875.99 831.84 540.05 963.93 997.88 944.97 1,010.11 1,075.41 931.07 Reconciliation to carrying amounts EIH Associated Hotels Ltd Mercury Car Rentals Pvt. Ltd Oberoi Mauritius Ltd March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Opening net assets 4,063.53 3,860.25 989.55 898.02 717.27 725.69 Profit for the year 427.79 389.39 77.71 95.11 (157.27) (8.42) Other comprehensive income (8.06) (3.30) (4.31) (3.58) - - Dividends paid (58.30) (182.81) (21.31) - - - Closing net assets 4,424.96 4,063.53 1,041.65 989.55 560.00 717.27